LEADER 05386nam 2200709Ia 450 001 9911019539003321 005 20200520144314.0 010 $a9786612689543 010 $a9781119208594 010 $a1119208599 010 $a9781282689541 010 $a1282689541 010 $a9780470694558 010 $a0470694556 035 $a(CKB)1000000000707270 035 $a(EBL)416488 035 $a(OCoLC)476248412 035 $a(SSID)ssj0000229302 035 $a(PQKBManifestationID)12029256 035 $a(PQKBTitleCode)TC0000229302 035 $a(PQKBWorkID)10172214 035 $a(PQKB)11393407 035 $a(MiAaPQ)EBC416488 035 $a(Perlego)2767045 035 $a(EXLCZ)991000000000707270 100 $a20080404d2008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aProperty derivatives $epricing, hedging and applications /$fJuerg M. Syz 210 $aChichester, England ;$aHoboken, NJ $cJohn Wiley & Sons$dc2008 215 $a1 online resource (245 p.) 225 1 $aWiley finance series 300 $aDescription based upon print version of record. 311 08$a9780470998021 311 08$a0470998024 320 $aIncludes bibliographical references (p. [209]-213) and index. 327 $aProperty Derivatives; Contents; Preface; PART I INTRODUCTION TO PROPERTY DERIVATIVES; 1 A Finance View on the Real Estate Market; 1.1 Real Estate is Different from Other Asset Classes; 1.2 Limited Access to Real Estate Investments; 1.3 New Instruments needed; 2 Basic Derivative Instruments; 2.1 Forwards, Futures and Swaps; 2.2 Options; 3 Rationales for Property Derivatives; 3.1 Advantages and Disadvantages of Property Derivatives; 3.2 Finding a Suitable Real Estate Investment; 3.3 Usage of Property Derivatives; 4 Hurdles for Property Derivatives; 4.1 Creating a Benchmark 327 $a4.2 Education and Acceptance4.3 Heterogeneity and Lack of Replicability; 4.4 Regulation and Taxation; 4.5 Building Liquidity; 5 Experience in Property Derivatives; 5.1 United Kingdom; 5.2 United States; 5.3 Other Countries and Future Expectations; 5.4 Feedback Effects; 6 Underlying Indices; 6.1 Characteristics of Underlying Indices; 6.2 Appraisal-Based Indices; 6.3 Transaction-Based Indices; PART II PRICING, HEDGING AND RISK MANAGEMENT; 7 Index Dynamics; 7.1 Economic Dependencies and Cycles; 7.2 Bubbles, Peaks and Downturns; 7.3 Degree of Randomness; 7.4 Dynamics of Appraisal-based Indices 327 $a7.5 Dynamics of Transaction-based Indices7.6 Empirical Index Analysis; 7.7 Distribution of Index Returns; 8 The Property Spread; 8.1 Property Spread Observations; 8.2 The Role of Market Expectations; 8.3 Estimating the Property Spread; 9 Pricing Property Derivatives in Established Markets; 9.1 Forward Property Prices; 9.2 Pricing Options on Property Indices; 10 Measuring and Managing Risk; 10.1 Market Development and Liquidity; 10.2 Early and Mature Stages; 10.3 Property Value-at-Risk; 11 Decomposing a Property Index; 11.1 General Explanatory Factors; 11.2 Tradable Explanatory Factors 327 $a11.3 Example: The Halifax HPI12 Pricing and Hedging in Incomplete Markets; 12.1 Hedging Analysis; 12.2 Pricing without a Perfect Hedge; 12.3 Example: Hedging a Trading Portfolio; 12.4 Risk Transfer; PART III APPLICATIONS; 13 Range of Applications; 13.1 Professional Investers and Businesses; 13.2 The Private Housing Market; 14 Investing in Real Estate; 14.1 Properties of Property; 14.2 Property Derivatives and Indirect Investment Vehicles; 14.3 Investing in Real Estate with Property Derivatives; 15 Hedging Real Estate Exposure; 15.1 Short Hedge; 15.2 Long Hedge 327 $a15.3 Hedge Efficiency and Basis Risk16 Management of Real Estate Portfolios; 16.1 Tactical Asset Allocation; 16.2 Generating Alpha; 16.3 Sector and Country Swaps; 17 Corporate Applications; 17.1 Selling Buildings Synthetically; 17.2 Acquisition Finance; 18 Indexed Building Savings; 18.1 Linking the Savings Plan to a House Price Index; 18.2 Engineering a Suitable Saving Plan; 19 Home Equity Insurance; 19.1 Index-Linked Mortgages; 19.2 Collateral Thinking; 19.3 Is an Index-Hedge Appropriate?; Appendix; Bibliography; Index 330 $aProperty derivatives have the potential to revolutionize real estate - the last major asset class without a liquid derivatives market. The new instruments offer ease and flexibility in the management of property risk and return. Property funds, insurance companies, pension and life funds, speculators, hedge funds or any asset manager with a view on the real estate market can apply the new derivatives to hedge property risk, to invest synthetically in real estate, or for portfolio optimization. Moreover, developers, builders, home suppliers, occupiers, banks, mortgage lenders and governmental 410 0$aWiley finance series. 606 $aHedging (Finance) 606 $aReal estate investment 606 $aReal property$xPrices 615 0$aHedging (Finance) 615 0$aReal estate investment. 615 0$aReal property$xPrices. 676 $a332.63/24 676 $a332.6324 700 $aSyz$b Juerg M$0319971 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9911019539003321 996 $aProperty derivatives$9784121 997 $aUNINA